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Redpoint was our lead investor at $4M. The deal got done because Walecka wanted it. Unfortunately, since he's never had any job but the one he's in, he and the partners don't really understand the day to day of running a business and never understood our execution model. They interfered and micromanaged.

We raised another $30M in subsequent rounds and eventually sold the company, but we would have been better off with less money initially from someone more involved with the business. These guys are cocky and know-it-alls, but don't provide any value. There are much better firms out there.